India's Emkay meets financial obligations after trading mistakes

Published 2:28 PM ET Sun, 11 Nov 2012

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MUMBAI, Oct 9 (Reuters) - India's Emkay Global Financial Services Ltd has met all of its financial obligations to the National Stock Exchange, arising from a set of erroneous trades that jolted domestic markets last week, an official at the brokerage said on Tuesday.

Emkay has fully settled those trades with the NSE, which acts as the clearing agent for counter-parties trading in its exchange, an official at the financial firm said.

"We had given the money yesterday itself. The payout pertaining to the erroneous trade has happened today," said Krishna Kumar Karwa, managing director at Emkay Global Financial Services.

The settlement of obligations was also confirmed by a spokeswoman at India's largest exchange.

A mistake by a dealer at Emkay in executing a trade involving the NSE index sparked a fall of more than 900 points on Friday, leading to a trading halt for 15 minutes.